2月25日，拉普拉斯大宗交易成交7.2万股，成交额603.36万元，占当日总成交额的0.26%，成交价83.8元，较市场收盘价76.22元溢价9.94%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-25 | 拉普拉斯 | 688726 | 83.8 603.36 | 7.2 | 有唯公司上海投分 | 您自觉默默赛遇露 | ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

Core Viewpoint - The solar diffusion furnace industry in China is experiencing significant growth, with the market size expected to reach 6.05 billion yuan by 2025, reflecting an 11% year-on-year increase, driven by the expansion of the photovoltaic industry and supportive government policies [1][6]. Industry Overview - Solar diffusion furnaces are essential for producing crystalline silicon solar cells, specifically for forming PN junctions, which are critical for enhancing cell efficiency [2]. - The main types of solar diffusion furnaces are vertical and horizontal, each offering distinct advantages in terms of production efficiency and space utilization [2]. Industry Chain - The upstream of the solar diffusion furnace industry includes quartz components, heating systems, temperature control systems, and gas control systems, with quartz components being crucial for stability and efficiency [3]. - The midstream involves the manufacturing of solar diffusion furnaces, while the downstream primarily serves the photovoltaic industry, specifically in solar cell and module production [3]. Current Development - The solar diffusion furnace market is benefiting from China's commitment to renewable energy, with solar power generation capacity increasing significantly from 204.2 GW in 2019 to an expected 1,161.2 GW by the end of 2025, marking a 41.90% year-on-year increase [4][5]. - The production of solar cells is projected to reach 83,274.3 MW by 2025, a 7.60% increase from the previous year, driven by government subsidies and technological advancements [5]. Competitive Landscape - The solar diffusion furnace industry has high entry barriers, making it difficult for new entrants to compete. Leading companies leverage technology, supply chains, and customer resources to maintain competitive advantages [7]. - Key players in the industry include North Huachuang, Jiejia Weichuang, and Jing Sheng Machinery, among others, with North Huachuang reporting a revenue increase of 32.97% year-on-year for the first nine months of 2025 [7][8]. Industry Trends - The rapid development of the solar diffusion furnace industry is leading to accelerated industry consolidation, with smaller companies lacking core technologies being phased out, while stronger companies invest in R&D and improve production processes [9]. - Domestic companies are increasingly focusing on international markets, expanding their presence through partnerships and participation in global trade shows, capitalizing on their competitive pricing and responsive service [10].

2月12日，拉普拉斯大宗交易成交28万股，成交额2292.08万元，占当日总成交额的1.3%，成交价81.86 元，较市场收盘价83.11元折价1.5%。 | 交易日期 证券简称 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-12 | 拉曾拉斯 | 688726 81.86 | 2292.08 | 28 | 机构专用 | 泰部任务管委员严 | | Ka | ...

Summary of Key Points Core Viewpoint - On February 10, Laplace executed a block trade of 478,400 shares, amounting to 32.57 million yuan, which represented 1.92% of the total trading volume for the day. The average transaction price was 68.08 yuan, reflecting an 8.25% discount compared to the market closing price of 74.20 yuan [1]. Group 1: Trading Details - The highest transaction price recorded was 73.09 yuan, while the lowest was 61 yuan [1]. - The block trade involved multiple transactions with various institutional buyers, indicating significant interest from institutional investors [2][3]. Group 2: Transaction Breakdown - Specific transactions included a purchase at 73.09 yuan for a total amount of 20.46 million yuan and a volume of 28,000 shares [3]. - Other transactions on the same day included purchases at prices ranging from 61 yuan to 400.16 yuan, with varying amounts and volumes, highlighting diverse trading activity [2].

Group 1 - The core viewpoint of the news is that Laplace has shown significant trading activity and financial performance, indicating a strong position in the market [1][2] - On February 9, Laplace's stock price increased by 0.97%, with a trading volume of 2.286 billion yuan, and a net financing purchase of approximately 81.50 million yuan [1] - As of February 9, the total margin balance for Laplace reached 761 million yuan, with a financing balance of 759 million yuan, accounting for 4.72% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Laplace was 8,774, a decrease of 8.38% from the previous period, while the average circulating shares per person increased by 9.14% to 4,138 shares [2] - For the period from January to September 2025, Laplace reported a revenue of 4.321 billion yuan, reflecting a year-on-year growth of 0.43%, and a net profit attributable to shareholders of 588 million yuan, with a growth of 2.07% [2] - Since its A-share listing, Laplace has distributed a total of 150 million yuan in dividends [2]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 拉普拉斯 | 688726 | 72.1 28 | 2018.8 | 机构专用 | 华泰证券股份有限 公司上海静安区广 中西路市委副秘部 | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | | 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 拉普拉斯 | 688726 | 60.18 | 601.8 | 10 | 机构专用 | 骨限 | | 2026-02-09 | 拉普拉斯 | 688726 | 60.18 | 451.35 | 7.5 | | 自限 | | 2026-02-09 | 拉普拉斯 | 688726 | 60.18 | 451.35 | 7.5 | | 分有限 | | 2026- ...

Core Viewpoint - Elon Musk's recent statements and activities have significantly influenced the A-share photovoltaic sector, leading to a surge in stock prices for various companies in this industry [2][3][5]. Group 1: Market Reaction - On January 23, 2026, 24 photovoltaic stocks reached their daily limit up, with the photovoltaic index rising by 7.46%, outperforming the overall market [2]. - Following Musk's remarks about the potential of solar energy in China, several companies, including JinkoSolar and TCL Zhonghuan, saw their stock prices rapidly increase [3][6]. - The A-share photovoltaic sector experienced a collective surge, with stocks like Aotaiwei and Maiwei doubling in price over a two-month period [6]. Group 2: Industry Fundamentals - Despite the recent stock price increases, many photovoltaic companies are still facing financial difficulties, with nearly 70% of 75 companies reporting losses for 2025 [4]. - The photovoltaic industry is currently at a low point, and while some companies are seeing a narrowing of losses, this has not translated into positive market sentiment [4][12]. - The concept of "space photovoltaics" has emerged as a potential new growth area for the industry, driven by the need for new market opportunities amid intense competition in ground-based solar energy [10][13]. Group 3: Future Prospects - Analysts predict that the space photovoltaic market could reach significant sizes, with estimates suggesting a potential market space of 200 billion yuan if 10,000 satellites are launched annually [10]. - Musk's exploration of Chinese photovoltaic companies signals a demand for support from the Chinese supply chain for his space energy ambitions [10][12]. - The push for space photovoltaics may compel companies to focus on new technologies and product quality, potentially leading to a return to value development in the industry [14].

Core Viewpoint - The article discusses the potential growth opportunities in the solid-state battery sector, drawing parallels with the photovoltaic industry where technological iterations drive growth despite market saturation [3][5]. Group 1: Industry Trends - In mature industries, significant growth expectations often stem from technological advancements, such as the transition from P-type to N-type batteries in the photovoltaic sector [3]. - Companies like Jiejia Weichuang (300724.SZ) and Laplace (688726.SH) have successfully capitalized on this trend, achieving notable growth even during market downturns [3]. Group 2: Solid-State Battery Potential - The solid-state battery technology is anticipated to replicate the success of N-type batteries, suggesting that equipment manufacturers in this space may also benefit from similar growth trajectories [5].

Group 1 - The core viewpoint of the article highlights the positive performance of the photovoltaic ETF Huaxia (515370), which opened lower but rose by 0.96%, with significant gains in constituent stocks such as Laplace (over 6%), GCL-Poly (over 5%), and JinkoSolar (over 3%) [1] - The current price-to-book (PB) ratio of the CSI Photovoltaic Industry Index is 2.73 times, which is at a historical percentile of 55.07%, indicating an improved investment cost-performance ratio [1] - The Huaxia photovoltaic ETF (515370) and its linked funds (012885/012886) track the CSI Photovoltaic Industry Index, covering upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power stations, thus better reflecting the overall performance of the photovoltaic industry [1] - The tracked index has a space photovoltaic content of 18.49%, ranking first in the entire market dimension [1]